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Nigeria's #150 billion Sovereign Sukuk was 435% oversubscribed

Oniha claims that sukuk contributes to infrastructure development and generates related multiplier benefits.The N652.827 billion in subscriptions for the 150 billion Sovereign Sukuk, according to the Debt Management Office (DMO).Patience Oniha, the DMO's director general, announced this on Thursday in Marrakech. Oniha claims that the subscription level, which is 435 percent of the original figure of 150 billion, demonstrates an increase in product awareness."The DMO has distributed 350 billion to the various investors who subscribed to the Sovereign in response to this significant demand for the Sukuk. "The 350 billion naira would go toward building and repairing roads and bridges in all six geopolitical zones as well as the Federal Capital Territory. “The DMO remains committed to meeting the needs of investors while also supporting the development of the domestic capital market,” she said.